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Borr Drilling Limited Announces Preliminary Results for the First Quarter of 202231.05.2022 | 7:38 Uhr | PR Newswire
HAMILTON, May 31, 2022 - Borr Drilling Ltd. ("Borr", "Borr Drilling" or the "Company") announces preliminary unaudited results for the three months ended March 31, 2022.
Subsequent events
CEO, Patrick Schorn commented: In the past few weeks we have been awarded significant new contracts with top tier operators in core markets, and our contract revenue backlog is now at an all time high of $853.3 million (including mobilization revenues and contracts through our Drilling JVs on a 100% basis) and we have 20 rigs contracted, with the majority of our available capacity for 2022 contracted. Our refinancing process is ongoing, and we are in discussions with our lenders with a view to complete the refinancing before the end of the second quarter. Given the strong market fundamentals, multiple options are currently on the table in order to address the maturity profile of our debt position and provide a long term financing solution. Some of these options include straight debt solutions, while others involve certain assets sales, of which there is ample interest in our fleet at attractive prices. We are currently working to improve on all refinance conditions given that the market is rapidly and positively evolving, and believe a solution is achievable in the coming weeks. We are pleased with our financial performance in the first quarter, taking into account the increased number of rigs we are preparing for operations. We expect revenues, Adjusted EBITDA and cash from operations to show solid increases in the next quarters both as a result of these rigs commencing work in addition to the rollover of contracts at higher day rates. We reiterate our guidance for 2022 with revenue between $375-$400 million and Adjusted EBITDA between $115-$140 million. Based on the development of the day rates we have seen thus far in the year, and our orecast of having our remaining three delivered rigs employed by the end of this year, our preliminary outlook for 2023 indicate an approximate doubling of headline revenues year-on-year and Adjusted EBITDA to more than double from the 2022 forecast. " CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208 This information was brought to you by Cision http://news.cision.com https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-preliminary-results-for-the-first-quarter-of-2022,c3576780 The following files are available for download:
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